Approval of the detailed mechanism of the Housing Fund loans under the new Iraqi Central Bank of Iraq Initiative

Economy - BAGHDAD / justice - 12:39 - 27/03/2016 - Hits: 31

Minister of Construction and Housing and public municipalities Tareq Kikhany announced the ratification of the detailed mechanism for implementing the Cabinet's decision to lend to the housing fund under the ministry mechanisms included lending to fund 850 billion Danar.oukal Mr. Minister have been allocated 20% of the allocated for the Housing Fund Amount (excluding the Kurdistan region) for the purposes of the purchase of residential apartments of investment complexes and are entitled to the Fund's adjusted ratio management, according to the actual need, as will be allocated 747.473 billion dinars will be at around 80% of any amount 597.978 billion dinars for individual lending and 20% of any amount 149,495 to buy Alexanah.mbana apartments would be the appropriate mechanisms put to grant special to buy apartments loans after the completion of the development of mechanisms for individual lending and then determine the appropriate residential complexes to which they apply these Acharot.oadav the minister said the monthly premium for new loans under the CBI initiative to be on the first two installments of 40% upon completion of Albadlo stage and the second 60% upon completing the stage finishes or the first to be 60% upon completion of Almsagv structure and the second 40% upon completion of stage finishes and procedures Fund Housing Act on disclosure site itself and the other with respect to loans Alsabakh.ocd the minister will be former same amount the adoption of a maximum of 35 million dinars to Baghdad and 30 million dinars for the rest of the provinces that continue to work for the payments received Fund's conditions for a period of 15 years and dependent mechanism and the new terms of the amounts borrowed under the initiative with the insurance premium, according to the recipient the amount of Almguetrd.obin Mr. Minister that according to the Central Bank's initiative will be the loan amount, including no more than 50 million dinars each lending case bears the borrower an annual interest rate of 2% in favor of the central bank and downloads administrative one-time 1% and be the loan period of ten years maximum to also be restored loan monthly installments equal within the period Alorteurh.oamnh loan for the purpose of construction or adding building who owns a piece of land housing on the face of independence or rumored to him and not be less than the land collectivized area of ​​100 m2 and less construction area of ​​65 m2 and Aymanh to build on cutting agricultural and industrial land, as the loan is granted for those wishing to purchase housing units investment or subject to the law of investment and that of not less than the net area of ​​65 m2 and the loan is granted also to rebuild housing units destroyed due to terrorist operations and in order of priority starting with the ceilings of demolished housing units fully and provide the beneficiary guarantor or more permanent civil servants on the permanent staffing or employees of the Interior Ministry so that half their pay nominal cover the monthly installment impact owed by the amount of the borrower and to ratify the sponsorship of a notary Fund and pledges to sponsor a circle deduct the monthly installments from the salary of the sponsor upon request from Alascan.kma Fund, the Minister stressed that the borrower Sejer between lending law Housing Fund or to wait for the availability of cash to him and the lending under the CBI initiative and also the written request of the borrower .